Brookfield India Real Estate Trust's unitholders have approved raising funds via an institutional placement of shares to QIBs at a floor price of Rs 287.55 per share, the office space operator said on December 9, as it aims to raise up to Rs 3,500 crore.
The decision follows the approval granted by Brookfield India REIT's unitholders on November 29, 2024, to raise funds worth Rs 3,500 crore through one or more institutional placements.
The QIP's proceeds will be used for debt paydown and general corporate purposes. The process for receiving bids for the placement officially begins from December 9.
"One of the stated strategies of Brookfield India REIT has been inorganic growth through acquisitions. The funds raised will be used primarily for reduction of leverage," it had said in its November 29 filing.
"We also wish to inform you that the trading window will continue to remain closed in terms of the provisions of SEBI (Prohibition of Insider Trading) Regulations, 2015, circulars issued by the stock exchanges and policy on unpublished price sensitive information and dealing in units of Brookfield India REIT for all the designated persons and their relatives until the expiry of 48 hours post announcement of the allotment of units in the Issue or until the window is opened by the compliance officer, whichever is later," the filing added.
In November, Brookfield India Real Estate Trust reported that its gross leasing grew to 1 million square feet in the second quarter of FY25, driven by a strong revival in the special economic zone (SEZ) space.
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